Hicks, Muse, Tate & Furst (''Hicks Muse''), a leading private investment firm, today announced that it has reached an agreement to sell G.H. Mumm & Cie. (''Mumm'') and Champagne Perrier-Jouet (''Perrier-Jouet'') to Allied Domecq PLC (''Allied Domecq'') for Euro 575 million (approximately $506 million) in cash. The businesses will be acquired debt free. It is expected that the transaction will be completed by the end of January 2001.

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